The company has reported that its first-quarter earnings and sales that topped analysts’ estimates and they are now targeting 75 to 80 new stores.
Net income increased 3.2 per cent to $187.2M, or $1.65 per share, for the quarter ended 26 March, up from $181.4M, or $1.55 per share, in the year-ago period. Analysts had expected earnings per share of $1.42.
Sales increased 8.3 per cent to $3.02bn from $2.79bn last year, beating estimates of $2.922bn. Comparable store sales rose 5.2 per cent on top of 38.6 per cent comparable store sales growth last year. The average ticket rose 6.7 per cent amid a 1.4 per cent decline in average transaction count. The company said its e-commerce sales experienced double-digit percentage growth for the 39th consecutive quarter.
“The Tractor Supply team delivered strong results with another quarter of record sales and earnings despite having a difficult comparison from last year’s record sales, ongoing supply chain constraints and the Omicron surge,” said Hal Lawton, President and CEO, Tractor Supply. “While we anticipate that we will continue to operate in a highly inflationary and volatile environment, we believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time. The strength of our business and the needs-based, demand-driven nature of our product categories… give us confidence in our outlook and in our ability to successfully navigate the continuing challenges of the dynamic environment.”
